Stobart Group falls after first half loss
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FTSE 250 transport and logistics operator Stobart Group (LON:STOB) saw its shares fall by 2.05% to 210.50p (as of 11:20 BST) after it booked a post-tax loss of £17.5 million for the six months ended 31st August and net debt doubled to £75.6 million. Revenues for the period were £151.3 million, a 21.4% improvement over the same period of 2017. The investigation into bullying and whistle-blowing has been concluded and recommendations have been made to the board.
Chief executive Warwick Brady said: “We have remained focused on operational progress in our Aviation and Energy divisions, which have both performed well in the period.
Having invested in the infrastructure for these divisions, we are now well placed to accelerate our commercial growth plans and demonstrate the value of the Group’s excellent operating businesses.”
Anyone with half a finance brain, knows that investment in the business does not get booked against Profits in the same accounting year, it is booked as assets and depreciated over a fixed number of years. Yours, a very disappointed share holder & retired commercial financial controller of a global multi-billion dollar agriculture business.